Representative Chris Collins, Republican of New York, reversed course on Saturday morning and announced he was suspending his campaign for re-election, days after federal prosecutors charged him with insider trading.

Mr. Collins, who initially vowed to stay on the ballot this fall, said that he decided it was “in the best interests of NY-27, the Republican Party and President Trump’s agenda” to suspend his race.

He said he would stay in Congress through the rest of his term and continued to call the charges against him “meritless.”

“I look forward to having my good name cleared of any wrongdoing,” he said.

Mr. Collins, who was the first member of Congress to endorse Mr. Trump, represents a district in western New York that is one of the state’s most conservative, one in which Mr. Trump had his strongest showing.

The process to get off the ballot can be onerous in New York, and Mr. Collins did not say how he would be removing himself.

The Democratic candidate in the race is Nate McMurray, the town supervisor of Grand Island.

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